The death of a loved one can be a complex, confusing, and emotionally difficult time for the people left behind; tough for the survivors. During the grieving process, few people will immediately consider financial matters. However, the decedent often leaves behind family members that depended on them for some type of financial support.
If the deceased had a life insurance policy in place at the time of his or her death, it is important to act as soon as possible to make sure the beneficiaries receive the benefit they deserve. The state of Florida requires that life insurance policy benefits be collected within five (5) years from the time of death.
Generally speaking, there are two types of life insurance policies. They are:
- Term. With term life insurance, the policy owner pays a premium to the insurance company and designates a beneficiary to receive the “face amount” of the life insurance policy upon the death of the insured. (e.g., a $200,000 Term Policy give the beneficiary $200,000)
- Cash value. With cash value life insurance, the policy owner invests money into a (typically) tax preferred savings account that has value that builds up during the life of the insured and pays a specified value at that person’s death. Typically, the cash value policy has value during the insured life and can be borrowed against or pledged for a loan.
Reasons for a Life Insurance Claim Denial
Upon the death of a loved one, remarkably insurers will look for an an excuse to not pay your valid life insurance claim, all in the name of corporate profits. Typically reasons to deny a life insurance claim can include:
- Failure to make premium payments
- Accusations of fraud
- Other failures to satisfy a condition precedent in the policy
In the end, insurance companies will come up with any number of excuses to try and justify denying what should be a covered life insurance claim. Regardless of the stage of the claim you are in, from just looking at the policy to filing a claim to fighting with the insurance company over your dispute, having an experienced Florida insurance dispute attorney ready to assist you every step of the way will likely prove to be a value-added, much needed benefit.
Why LeavenLaw? Experience, dedication and results matter.
LeavenLaw is a consumer litigation firm that is extraordinarily experienced and well-versed with respect to the laws and the legal process involved in almost all insurance disputes. Our Florida insurance dispute litigation team has successfully represented thousands of consumers in the state of Florida.
Since its beginning, LeavenLaw has litigated with the biggest insurance companies and financial institutions to fight for the best result possible, maximizing what you are owed under your insurance policy.
- Has AIG denied your life insurance claim?
- Have AXA Financial denied your life insurance claim?
- Has Banner Life denied your life insurance claim?
- Had Guarding Life denied your life insurance claim?
- Has John Hancock denied your life insurance claim?
- Has Lincoln Financial denied your life insurance claim?
- Has MassMutual denied your life insurance claim?
- Has MetLife denied your life insurance claim?
- Has New York Life denied your life insurance claim?
- Has Mutual of Omaha denied your life insurance claim?
- Has Nationwide denied your life insurance claim?
- Has Northwestern Mutual denied your life insurance claim?
- Has Pacific Life denied your life insurance claim?
- Has Primerica denied your life insurance claim?
- Has Prudential denied your life insurance claim?
- Has State Farm denied your life insurance claim?
- Has Transamerica denied your life insurance claim?
If any of the above life insurance companies have denied your benefits under a deceased’s life insurance claim, we can help.
LeavenLaw offers free initial consultation—in person over over the phone, whichever is most convenient for you. Call LeavenLaw today at (866) 514-0556 to set up your free insurance dispute consultation today! #insurancehunter